Darling Expects Financial Market Patience as Election Too Close to Call
U.K. Chancellor of the Exchequer Alistair Darling expects financial markets to be patient as the country’s next government emerges from an election he said was still too close to call.
“Markets fully understand that inevitably in the hours after an election it may take time to see the shape of the next government, but there will be a government formed quickly and what’s necessary is to make sure you’ve got a credible plan to get our borrowing down,” Darling said in an interview with Bloomberg News after holding his seat in Edinburgh. “We have that in the U.K., we are a strong economy.”
The opposition Conservatives were projected to have won the most seats in yesterday’s election, while falling short of a majority that would guarantee the ouster of Prime Minister Gordon Brown and Darling of the Labour Party.
Darling commented after concern about a sovereign debt crisis in Greece spreading across Europe rattled markets, with U.S. stocks declining the most in a year. The U.K.’s budget deficit is the widest among Group of Seven countries.
“There’s a lot of turbulence around at the moment but I think people will get a clear signal from the British government that it intends to take whatever action is necessary to make sure we secure the recovery and reduce our borrowing,” Darling said on the sidelines of the Edinburgh vote count.
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